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Bitcoin Ordinals Team Creates Nonprofit
Author: TOM MITCHELHILL, COINTELEGRAPH; Compiler: Songxue, Jinse Finance
**The team behind the Bitcoin Ordinals protocol has formed a non-profit organization dedicated to the development of non-fungible tokens (NFTs) on Bitcoin. **
The California-based nonprofit Open Ordinals Institute will support the Ordinals protocol by providing funding to the team’s core developers, including Raph, the project’s anonymous lead maintainer.
A total of four team members will serve on the board of the new nonprofit: Raph, host of a bitcoin-focused podcast; Erin Redwing, an anonymous Ordinals developer known as Ordinally and Ordinals founder Casey Rodarmor.
The Ordinals protocol was launched by Rodarmor in January. It quickly became one of the most popular cryptocurrency trends, with users rushing to record assets on the bitcoin blockchain, including NFTs and bitcoin-based cryptocurrencies.
On May 28, Rodarmor resigned from his role as lead maintainer of the protocol and handed over the role to Raph.
As of 5:30 pm UTC on August 1st, the total number of inscriptions on Bitcoin serial numbers exceeded 21 million, which is a milestone for Bitcoin network users.
**The team also launched the organization's official website, Ordinals.org, allowing users to donate and see updates on project development. **
According to the official website, any donations made by U.S. taxpayers to the institute will be eligible for a tax deduction after the organization receives approval from the IRS, which is expected later this year. **